Commerce captain charts cost of living course: Cost-cutting and export-boosting ahoy

New Commerce Minister Phumtham Wechayachai aims to address the cost of living and align product prices with production costs. He plans to expedite efforts to discover new export markets and enhance Thai shipping opportunities through increased trade negotiations.

On his first day, Wechayachai emphasized his commitment to Prime Minister Srettha Thavisin‘s policies and assured prompt attention to public concerns, especially regarding living costs and product prices.

He intends to ensure that product prices reflect the cost of living, benefiting both citizens and entrepreneurs. Additionally, he’s pushing for the identification of new export markets to revitalize Thailand’s stagnant export sector, which has seen contractions this year.

Wechayachai called upon commercial counsellors stationed abroad to collaborate and accelerate trade discussions with various countries that hold the potential to boost export opportunities.

In July, Thai exports declined for the tenth consecutive month, falling short of forecasts due to lower global commodity prices, primarily linked to the Ukraine conflict.

Tighter monetary regulations and stricter lending practices by financial institutions have slowed consumer spending. China’s slow recovery has also negatively impacted domestic consumption.

The value of Thai exports in July fell by 6.2% year-on-year to US$22.1 billion, with imports decreasing by 11.1% to US$24.1 billion, resulting in a trade deficit of US$1.97 billion.

In the first seven months of the year, exports dropped by 5.5% to US$163 billion, and imports declined by 4.7% to US$172 billion, leading to a trade deficit of US$8.28 billion.

Regarding agricultural policy, Wechayachai mentioned evaluating all agricultural product policies without specifying if the pledging scheme would be reintroduced.

He plans to discuss trade-related regulations hindering progress in a joint meeting with senior ministry officials on September 14.

Wechayachai highlighted the importance of the proposed 10,000-baht digital wallet scheme, believing it will stimulate the economy and promote a digital economy using blockchain technology for nationwide learning and technology utilization.

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